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Globe Telecom is raising nearly P90 billion from the sale of more than 7,000 towers, the largest sale and leaseback transaction in the Philippines.

It said Friday it signed two sale and leaseback agreements for two portfolios consisting of 5,709 telecom towers and related passive telecom infrastructure for over P71 billion.

The first portfolio to be sold consists of 2,180 telecom towers in Luzon, which will be acquired by MIESCOR Infrastructure Development Corporation (MIDC) for P26 billion, and leased back to Globe for an initial period of 15 years.

The first close for this portfolio is targeted to happen within the third quarter.

After the entire transaction, Globe's remaining towers will be around 4,000 to 5,000.

Globe said the proceeds of the tower sales will be used to fund capital expenditures and to cover its 2023 debt servicing requirements.

"This record-breaking initiative marks our continued commitment to optimize our capital raising efforts and further strengthen the balance sheet as we seek to capitalize on opportunities in the telecommunications sector and complementary services," said Rizza Maniego-Eala, Globe chief finance officer.

Ernest Cu, Globe president and chief executive said these expanded long-term partnerships with the tower companies show its commitment to help improve the Philippines' internet condition, as well as to have as many Filipinos enjoy the benefits of having access to reliable internet.

"We also believe that through these monetization efforts, Globe will be able to further improve overall operational efficiency, allowing us to serve our customers better, and supporting our goal of enabling the digital lives of Filipinos," he added.

MIDC chairman Ray Espinosa said, "We are very pleased with this landmark deal with Globe that marks a critical milestone in MIDC's strategy to enter the digital infrastructure space, which plays a vital role in driving economic growth and social wellbeing through digital inclusion." DMS